In general

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In general

The term “qualified mortgage credit certificate program” means any program—

(i)#

which is established by a State or political subdivision thereof for any calendar year for which it is authorized to issue qualified mortgage bonds,

under which the issuing authority elects (in such manner and form as the Secretary may prescribe) not to issue an amount of private activity bonds which it may otherwise issue during such calendar year under section 146,

(iii)#

under which the indebtedness certified by mortgage credit certificates meets the requirements of the following subsections of section 143 (as modified by subparagraph (B) of this paragraph):

(I) subsection (c) (relating to residence requirements),

(II) subsection (d) (relating to 3-year requirement),

(III) subsection (e) (relating to purchase price requirement),

(IV) subsection (f) (relating to income requirements),

(V) subsection (h) (relating to portion of loans required to be placed in targeted areas), and

(VI) paragraph (1) of subsection (i) (relating to other requirements),

(iii)(I)#

subsection (c) (relating to residence requirements),

(iii)(II)#

subsection (d) (relating to 3-year requirement),

(iii)(III)#

subsection (e) (relating to purchase price requirement),

(iii)(IV)#

subsection (f) (relating to income requirements),

(iii)(V)#

subsection (h) (relating to portion of loans required to be placed in targeted areas), and

(iii)(VI)#

paragraph (1) of subsection (i) (relating to other requirements),

(iv)#

under which no mortgage credit certificate may be issued with respect to any residence any of the financing of which is provided from the proceeds of a qualified mortgage bond or a qualified veterans’ mortgage bond,

(v)#

except to the extent provided in regulations, which is not limited to indebtedness incurred from particular lenders,

(vi)#

except to the extent provided in regulations, which provides that a mortgage credit certificate is not transferrable, and

(vii)#

if the issuing authority allocates a block of mortgage credit certificates for use in connection with a particular development, which requires the developer to furnish to the issuing authority and the homebuyer a certificate that the price for the residence is no higher than it would be without the use of a mortgage credit certificate.

Under regulations, rules similar to the rules of subparagraphs (B) and (C) of section 143(a)(2) shall apply to the requirements of this subparagraph.

(i)#

(ii)#

(iii)#

(iii)(I)#

(iii)(II)#

(iii)(III)#

(iii)(IV)#

(iii)(V)#

(iii)(VI)#

(iv)#

(v)#

(vi)#

(vii)#